Colorado-Real-Estate-Journal_332572

Page 16 - March 14-April 4, 2023 www.crej.com Multifamily by Jenna Walters BROOMFIELD – Blackburn Communities is bringing another multifamily offering to Colorado – this time in Broomfield. The developer is planning a 227-unit apartment community at 11495 Wadsworth Blvd., named Wadsworth Junction. The project will encompass three buildings offering multiple floor plans and various luxury amenities. Last month, Blackburn Communities went before Broomfield’s Land Use Review Commission and presented the development plans. They were granted approval and now face City Council in April. If all goes as planned, Black- burn Communities expects to break ground on Wadsworth Junction in fall, with completion anticipated for summer 2025. Upon completion, Wadsworth Junction would offer 107 one-, 108 two- and 12 three-bedroom units averaging 967 square feet. Com- munity amenities would include a clubhouse with coworking space, a fitness center, great room and leasing offices; a state-of-the- art pool deck with cornhole, grill- ing stations, outdoor televisions, cabana areas, a hot tub and fire pits; and a dog park. Accord- ing to Blackburn Communities’ Andrew Ritter, the developer also plans to build a connection to existing regional trail infra- structure, giving residents direct access to recreational trails, light- rail and the Arista development. Bike storage and vehicle parking also are planned. The uniqueness of the select site, with proximity to the region- al trail system and other great amenities for residents, was one reason Blackburn Communities fell in love with Broomfield, Ritter noted. He said the city’s prox- imity to existing employment centers and amenities in both Denver and Boulder also proved desirable, and anticipated popu- lation and job growth in Broom- field made the area promising for development. In addition to Wadsworth Junc- tion, Blackburn Communities has other projects underway across the state, including in Colorado Springs, where it's set to wrap up construction on its 301-unit Polaris Junction project. Ritter said the developer also is prepar- ing to break ground on Firestone Junction, a 300-unit project off of Jake Jabs Boulevard in Firestone, in the next 60-90 days. s Blackburn Communities plans MF project in Broomfield by Jenna Walters LAKEWOOD – The Bascom Group, in partnership with Artemis Real Estate Partners, acquired an active adult apart- ment community in Lakewood. The partnership purchased Avenida Lakewood, the 230- unit residential property at 11001 W. 15th Place. The buy- ers declined to provide the sell- er or sales price of the transac- tion, and the deal was not yet recorded in public records at the time of this story’s dead- line. Ryan Maconachy and Court- ney Crowder of Newmark bro- kered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA arranged the debt financ- ing for the acquisition through Santander Bank , though the loan amount was undisclosed. Constructed in 2019 by Ave- nida Partners, Avenida Lake- wood offers housing for active adults older than 55. The units feature high-end finishes with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux-wood flooring. The prop- erty offers community ame- nities including a clubhouse, game room, arts studio, theater, salon, pool and spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. The property also pro- vides activities such as social functions, fitness classes, and creative arts and educational programs for residents. “As the product of a premier national developer of active adult communities, Avenida Lakewood boasts thoughtfully designed amenities and best- in-class services that foster a vibrant lifestyle community for 55-plus residents. These ben- efits provide a unique value proposition for Bascom and Artemis,” said Bascom’s senior vice president and principal of acquisitions, Jim Singleton. Artemis Senior Vice Presi- dent Courtney Nickels added, “We look forward to building upon the strong momentum at the property cultivated by Avenida Partners to continue delivering the highest level of service and quality for the residents. Artemis is pleased to grow our partnership with Bas- com, a premier partner, and to continue to expand our invest- ment portfolio in active adult.” Apartment Management Consultants will provide prop- erty management services at Avenida Lakewood going for- ward. s Partnership acquires active adult community in Lakewood T he U.S. is in the midst of an unprecedented housing cri- sis, and while the reasons for each city’s situation differ, as leaders in the built environment, we have an obligation to find creative, rep- licable solutions that can address this crisis in a meaningful way as quickly as possible. Of particular concern is the need for attainable housing for our rap- idly aging population. The Population Reference Bureau estimates that the number of Americans ages 65 and older will nearly double from 52 mil- lion in 2018 to 95 million by 2060. Between 2020 and 2030 alone, the number of seniors in this country is expected to grow by nearly 18 million. Simultaneously, rising interest rates and costs of living have cre- ated significant barriers to entry for those seeking living arrange- ments that will meet their long- term needs, leaving aging adults with significantly fewer options. As of 2019, 10.2 million aging adults were spend- ing upward of a third of their income on housing, and roughly half of those 10.2 million were spend- ing more than 50% of their income on housing costs. As the cost of living continues to grow, adults 55 and over are left with limited housing alternatives that that match their lifestyle and values at an attainable price, lead- ing more to consider multifamily, for-rent housing options. In Colorado, we are bridging the massive gap in the housing market with compelling, lifestyle- driven, attainable for-rent housing for 55-plus adults. We are cur- rently working to develop mul- tifamily, for-rent communities in the western U.S., and we continue to acquire communities across the country. From land acquisition through development and opera- tion, Headwaters oversees the entire life cycle of a multifamily home community, optimizing the process for efficiency and impact while specifically targeting the gap in housing for the 55-plus demographic. We have projects underway in Colorado, Arizona and Utah. n Meeting market needs. Unlike traditional senior hous- ing models, we are targeting the “empty nester” who may be mov- ing to a new location or wanting to downsize their home without compromising their individuality and active lifestyle, all while ensur- ing housing options are attainable. With 48% of all U.S. renters being under the age of 30 (according to National Multifamily Housing Council), the traditional multifam- ily apartment option does not meet what the baby boomer generation is looking for. On the other side of the spectrum, more traditional senior independent living options are extremely expensive due to the provision of services such as meals, transportation and medical care that our target demographic of active 55-plus adults typically do not need. In our age-restricted commu- nities, the apartment style units range in size from 700 to 1,400 square feet with an average size of about 930 sf. The average unit includes a full kitchen, dedicat- ed washer and dryer, dedicated areas for heirloom furniture and modern technology options. Each community features a central club- Creating solutions for addressing affordable housing crisis A rendering shows what Wadsworth Junction would look like upon completion. Avenida Lakewood is now owned by The Bascom Group and Artemis Real Estate Partners. Affordable Housing Ben Burke Managing partner, Headwaters Group Please see Burke, Page 20 Headwaters Group is bridging the gap in the housing market with life- style-driven, attainable for-rent housing for 55-plus adults.